Grayscale Bitcoin Trust
Bitcoin ETF prospects got a boost in court on Tuesday, leading Grayscale Investments’ flagship trust to jump 17% as traders weigh outcome
Crypto firm’s GBTC was trading at a 26% discount on Friday — a narrowing value that could change drastically after upcoming DC Circuit Court of Appeals decision
Trading as GSOL, the trust aims to directly track Solana
A recent CoinDesk article reported that Justin Sun held the majority of the assets within the Valkyrie Investments vehicle
Crypto investment product AUM declined close to 15% in November
If the SEC approves GBTC’s conversion to an ETF, Regulation M relief would be granted, but the firm could try for approval sooner
BlockFi once owned more than 5% of all Grayscale Bitcoin Trust stock, but now the cryptocurrency lender doesn’t directly maintain any at all
Fund manager describes SEC actions as “arbitrary and capricious”
The regulator is set to rule on the digital currency asset manager’s proposal to convert its bitcoin trust to an ETF by July 6
Firm adds muscle to its legal counsel before SEC rules on its bitcoin ETF application
The proposed product seeks to blend exposure to the S&P 500 Index and bitcoin futures contracts
Regulatory filings indicate the asset manager owned $458M worth of the Grayscale Bitcoin Trust across 17 portfolios
“What we’re doing here is really defining what the digital economy is as opposed to replicating bitcoin in the form of an equity ETF,” Grayscale’s head of ETFs said
Crypto-focused fund group currently invests in two-dozen digital assets
Platform offers exposure to the asset class through Grayscale Investments’ bitcoin and ether trusts
Proposed fund would invest in Web3- and metaverse-focused companies, as well as GBTC
Breaking down the metaverse products and other strategies that are on deck amid the wait for a spot bitcoin fund
SEC’s decision to approve a futures-based fund and not a spot ETF is “arbitrary and capricious,” and in violation of the Administrative Procedure Act (APA), attorneys from Davis Polk argue in a letter to the SEC.
New product joins the firm’s 13 other single-asset investment offerings.
Morningstar analyst proposes redemption program for Grayscale Bitcoin Trust as it has traded at discount for much of 2021.
Along with the milestone for Grayscale funds AUM, the firm passes SPDR Gold Shares (GLD), the world’s largest gold ETF.
The news comes at a time when the SEC has cleared the first-ever US-based Bitcoin Futures ETF, paving the way for mainstream adoption of cryptocurrencies.
Michael Sonnenshein reiterates its bitcoin trust should be allowed to convert at same time SEC approves futures-based ETFs.